Frequently asked questions
What happens if I don’t take any action with my current account?
Do I need to move my mortgage?
What happens if someone makes a payment to my old account after I have switched?
One of my direct debits was not moved when I switched, what happens now?
If your mortgage or loan direct debits are unpaid this is generally recorded as a missed payment on your credit history. This could affect you getting a loan in the future. If this happens due to you switching your current account then you should contact your mortgage or loan provider and ask them to amend the record.
If you do not pay your bills for products such as car insurance and health insurance then you could lose insurance cover for a period of time. If you miss several payments then your insurance policy could be cancelled. It is important to contact your insurance company as soon as you become aware that you have missed a payment.
Can I make a complaint about the switching process?
What should I do if I can’t clear the balance from my overdraft?
I am considering opening an overdraft on my new current account, what should I do?
It is important to remember that an overdraft is a loan and there can be many different fees and charges such as a setup fee, an annual fee and interest on the amount of money you owe. It is a good idea not to use an overdraft for daily expenses.
What will happen to my investment account when my bank closes?
Do I need any extra documents when setting up a new basic bank account?
If I apply for a new credit card with another provider will I pay stamp duty twice?
If you close your account any time after 1 April 2022, you will be charged €30 stamp duty for 2022. You will get a letter of closure from Ulster Bank or KBC to confirm you have made this payment. You should give this letter to your new credit card provider so that you will not be charged stamp duty again for 2022. If you don’t open another credit card account you will still have to pay the full €30 stamp duty for 2022. You will not be able to close your credit card account until the stamp duty for 2022 is paid.
A friend or relative has diminished capacity, how can I help them switch?
There are two steps in this process. The first one is to set up a new current account for your relative or friend, and the second is engaging with their existing current account provider to make sure everything is looked after during the switching process.
Firstly, it is very important that a new current account is set up with a new provider on your relative or friend’s behalf, particularly if their current account is used for important transactions such as a pension and nursing home payments.
If there is no formal arrangement in place, the new current account provider will require additional information and paperwork to ensure that you are acting on behalf of your relative or friend and that their finances are appropriately protected. For example, the new account would need to be solely in your relatives or friend’s name.
To open a new current account, we suggest that you contact the new provider’s vulnerable customer helpline, if they have one, or where possible call into a branch. They will be able to support you through this process. General information on the documents you’ll need to set up a new current account are available on our website.
It is very likely you will need to provide additional documents. You may need to contact your relatives or friend’s doctor and ask them to provide a medical certificate confirming their condition. In addition, if there is ain place (this is required if your relative or friend is availing of the Government’s Fair Deal scheme), you should ask the nursing home for a printed copy of it.
Secondly, you can also visit your relative or friend’s local branch or call their vulnerable customer helpline, if they have one, for advice on switching ongoing activity to the new account. As Ulster Bank and KBC are regulated as a financial entity by the Central Bank of Ireland, they must comply with the Consumer Protection Code which includes acting in their customers’ best interests, and supporting consumers in switching to new accounts.
Last updated on 15 September 2022